Neha BaruahThe 43rd edition of the India International Trade Fair (IITF) was inaugurated on November 14, 2024, at Bharat Mandapam in New Delhi by Union Commerce & Industry Minister Piyush Goyal. The event, which runs until November 27, 2024, is focused on advancing India’s vision of self-reliance by 2047. The theme, Viksit Bharat @2047, aligns with Prime Minister Modi’s aspirations for a prosperous and self-sustaining India.
Objectives of the Fair
The IITF serves as a platform to highlight India’s economic growth ambitions. It provides local businesses with the opportunity to engage with international markets and promotes the introduction of global exhibitors to enhance consumer choice. The fair is designed to facilitate trade and investment opportunities, contributing to India’s economic development.
ITPO Expansion Plans
Minister Goyal announced plans to upgrade the India Trade Promotion Organisation (ITPO), aiming to transform it into a world-class agency. This transformation is key to positioning India as a global hub for MICE (Meetings, Incentives, Conferences, and Exhibitions) activities. Cities such as Bangalore, Mumbai, Chennai, Lucknow, Varanasi, and Noida will see expanded MICE facilities to support this vision.
Focus on Digital Transactions
The government is prioritising digital transactions at trade fairs. Goyal proposed the installation of kiosks to expedite payment processing, aiming to simplify transactions for both exhibitors and attendees. Additionally, revenue-sharing models with participating industries are being considered.
Minister Goyal also highlighted the potential of virtual trade fairs, which would allow businesses to showcase products without the need for physical presence. This innovation could broaden participation and accessibility, aligning with global trends in digital engagement.
Global Integration
The IITF aims to shift from a local to a global trade focus. Minister Goyal emphasized the importance of connecting buyers and sellers internationally, creating a comprehensive marketplace within India. This strategy is expected to enhance the global competitiveness of Indian businesses.
The IITF is a reflection of India’s long-term vision for economic resilience and self-reliance. It fosters innovation and entrepreneurship, marking a significant step towards achieving a self-sustaining economy by 2047. The government’s commitment to trade facilitation is evident through these initiatives.
Neha Baruah
